Page 3 - Mining Sector

Jindal Steel and Power Q3 results: PAT jumps four-fold to Rs 1,928 cr

The company, which has steel, mining and infrastructure businesses, said its consolidated net profit after tax increased to Rs 1928 crore ($232 million) in the three months to Dec. 31, from Rs 518 cr

India signs an agreement to acquire five lithium mines in Argentina

This is the first ever lithium exploration and mining project by a government company of India

GACL ties up with Vedanta to explore opportunities in caustic-chlorine

Gujarat Alkalies and Chemicals Ltd (GACL) on Tuesday said it has signed an initial pact with Vedanta Aluminium for exploring various business opportunities in the areas of caustic-chlorine and other allied businesses. The Memorandum of Understanding (MoU) envisages to recognize the potential of adding value to the business of both GACL and Vedanta Aluminium by adopting a collaborative approach in common business interests to achieve synergy, GACL said in a regulatory filing. Vedanta Aluminium is a business of Vedanta Ltd. Accordingly, both the companies desire to explore the opportunities for cooperation in greater detail so that the resources could be pooled together in a mutually beneficial manner, it said. "With this MoU, both companies have, in-principle, agreed to jointly explore the business opportunities either in the form of joint venture project or through contractual arrangements of mutual interest," it added. Gujarat-based GACL has a production capacity of 8,52,400 tonn

CCI study on mining sector flags iron ore varied pricing, export issues

The differential pricing of iron ore is likely to create competition concerns and exports of iron ore should also be discouraged, according to a study by fair trade regulator CCI. To ensure fair markets, the competition watchdog initiated a focused study on the mining sector, specifically iron ore in India, and its interconnected industries like steel. The goal was to assess the competition perspective and determine if the iron ore market is functioning appropriately within the broader economic landscape. In its market study on 'Dynamics of Competition in the Mining Sector in India With A Focus On Iron Ore', CCI has also flagged possible issues, with the pricing of iron ore from captive mines. "The allocation of captive mines to some players creates entry barriers in the iron ore and steel sector as entry and successful operation becomes costly for new firms," the Competition Commission of India (CCI) said in a release. As per the study, the differential pricing of iron ore for ..

Odisha earned Rs 50,000 cr revenue from mining in FY 2021-22: Chief secy

Odisha Chief Secretary P K Jena on Wednesday said that the state has earned Rs 50,000 crore revenue from the mining sector in the financial year 2021-22. Addressing the 77th annual technical meeting of Indian Institute of Metals and National Metallurgist Award ceremony here, Jena said the mining sector has changed the financial situation of the state as revenue from the industrial activity increased ten-fold from just Rs 4,900 crore in the 2016-17 fiscal. "Revenue from the mining sector was about Rs 4,900 crore in 2016-17. In 2021-22, it grew to almost Rs 50,000 crore. This is an almost ten-fold increase in five years," Jena said, while highlighting the contribution of the mining sector to the state's economy. He said Odisha recognises the importance of metals and metallurgical infrastructure and is committed to supporting the sector. "Be it the development of new technology or collaboration with research and scientific institutions, we are here to support you," he told the ...

Centre proposes amendment to boost state revenue from mining waste

The existing regulation permitted the leaseholder to dispose of these materials without specifying their intended use

GMDC soars 15% on heavy volumes; stock more-than-doubled in 2 months

CARE Ratings believes that GMDC will continue to maintain its dominant market position in the lignite mining business with a healthy operating performance backed by sales volume growth.

Industrial production rises 3.7% in June against 5.3% in May: NSO data

The data released by the National Statistical Office (NSO) showed that the manufacturing sector's output increased by 3.1 per cent in June 2023

Vedanta slips 9%, nears 52-week low on huge block deals

Till 09:52 am; around 371.7 million equity shares, which represented 5.6 per cent of Vedanta's total equity changed hands on the NSE and BSE

Power Mech zooms 20% on securing mega mine development contract from SAIL

The company has bagged a Mine Development and Operation (MD) project for an estimated value of Rs 30,438 crore from SAIL, and the duration of the contract is 28 years.

Ministry of Mines set to release list of critical minerals for India

The list will serve as a guiding framework for policy formulation, strategic planning, and investment decisions in the mining sector

Reforms in coal, mining sector led to increased revenues: Pralhad Joshi

State revenues have improved and production of coal and other minerals increased significantly on the back of reforms taken by the government in the coal and mining sectors, Union minister Pralhad Joshi said on Wednesday. The minister made the remarks at a conference on 'Achievements of Coal and Mines Ministry' in the national capital. "In the last 9 years of the Modi government, there have been various reforms in the whole coal and mining sector. Country is moving towards Atmanirbharta. 2014 onwards, the first-come-first-serve system was totally removed and a transparent auction regime was set in place and by that state got a huge revenue both as far coal and mining sectors are concerned," the minister for coal and mines said. Citing examples, the minister said the revenue of Odisha from coal and other minerals increased multi-fold to Rs 50,000 crore in 2021-22, from Rs 5,000 crore in 2015-16. The government made amendments to the Mines and Minerals (Regulation and Development) ..

Encouraging GDP numbers, but mining and quarrying segment disappoints

Sector contracted in FY23 compared to FY19 and marginally grew over pre-Covid FY19

Startups must look for biz opportunities in mining sector: Mines Secretary

There are a lot of business opportunities for startups in the domestic mining sector where production worth around USD 7 billion happens annually, Mines Secretary Vivek Bharadwaj said on Thursday. The sector faces several technological challenges, and the startups can explore these issues as a business opportunity for them, the official said while addressing the reporters in the national capital. In the Indian mining sector, production worth USD 7 billion happens every year. Globally, India is the 4th largest in iron ore production and 5th in bauxite. Despite this, most of the startups that are in the area of fintech, edutech, e-com etc, he said at the logo launch event of '1st Mining Start-up Summit'. On the scope for startups in the sector, Bharadwaj said the players face various technological challenges. During rains and fog, carrying out mining becomes an issue. Challenges are faced in communicating with workers in underground mines. Startups can develop technologies to overcome

Union minister urges mining sector to contribute 2.5% in GDP by 2026-27

Union minister Pralhad Joshi on Wednesday urged all stakeholders from the mining industry to take the sector's contribution to GDP to 2.5 per cent by 2026-27 and said that the government will come up with investor-and industry-friendly norms. Joshi, who holds the portfolios of Parliamentary affairs, coal and mines, was speaking at the 75th foundation day of the Nagpur-based Indian Bureau of Mines, a multi-disciplinary government organisation. The minister said many sectors in India are transforming and the country's mining businesses can achieve the target of a 2.5 per cent contribution to the country's Gross Domestic Product (GDP) by 2026-27. Addressing entrepreneurs and representatives of the mining sector, Joshi said the Indian Bureau of Mines, government and private mining entities should work towards this goal. Joshi said the government has brought in many changes in the sector and would be introducing more investor-and industry-friendly norms in future, most probably in the .

Adani Enterprises soars 12%; mining arm gets LoI for Odisha Bauxite block

Adani Enterprises on Tuesday said its wholly-owned subsidairy Mundra Aluminium was declared as the preferred bidder for the Kutrumali bauxite block by the Odisha government.

Govt may auction six mineral blocks in February, to boost mining sector

The government is likely to put on sale six mineral blocks, including four iron ore mines, in the current month. The move would give a boost to mining sector's contribution to the country's gross domestic product. The four iron ore blocks, situated in Chhattisgarh, are likely to be auctioned on Tuesday, according to the mines ministry. The notice inviting tenders for the mines -- Chhitpuri B iron ore block, Gomter Wakeli, Bijapur, Hahaladdi, North Bastar Kanker, Lohhater, North Bastar Kanker -- were floated last year. The auction of Bandiamottu block in Andhra Pradesh, which has lead and associated minerals such as nickel, cobalt and copper, is also likely to be conducted in February. The notice inviting tender for the block was issued in December last year. Besides, the auction of Udagi Block -- a limestone mine in Karnataka -- has also been extended to be held in February, the ministry said. Since the new procedure for auctioning of mineral blocks was introduced in 2015, a t

Essar on a new path of growth, to invest in energy, steel, mining sectors

Armed with substantially lighter balance sheet after repaying Rs 2 lakh crore debt, Essar is embarking on the next phase of growth by investing in hydrogen projects, building LNG import facility and retail chain, and setting up steel plants. Prashant Ruia, director, Essar Capital Ltd, said Essar currently owns businesses in the core sectors of energy, metals and mining, infrastructure, services and technology and its future plans centre around them. It is looking to set up steel plants in Odisha and Saudi Arabia and a facility to import liquefied natural gas (LNG) at Hazira in Gujarat. In the UK, where it owns an oil refinery, the group is setting up a blue hydrogen plant and is exploring opportunities to set up a green ammonia unit in India. Essar has set up a unit to retail LNG to trucks and will set up a chain of outlets dispensing the environment-friendly fuel. "We have completed what is certainly the one of the biggest, if not the biggest, deleveraging exercise by repaying Rs

Worst may be over for NMDC stock: Cash flows likely to improve, say experts

Margins may have bottomed out, say analysts

IIP data: Industrial activity grows 3.1% in Sept; manufacturing a drag

Mining, manufacturing and electricity sectors grew at 4.6 per cent, 1.8 per cent and 11.6 per cent respectively